The Kamloops and District Real Estate Association (KADREA) which has now merged with the Kootenay and Interior Realtors Association to form "The New Association of Interior Realtors" reports that a total of 185 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in January 2022.
This is 25.7% below January 2021 of 249 sales. The average MLS® residential price in the area was $664,969, up by approx. 34.8% from the same month last year. There were 306 new listings recorded by the Kamloops MLS® last month and there are 768 active listings in the Kamloops & district region, as of February 03, 2022.
As the numbers indicate the Kamloops and Area real estate market is still suffering from undersupply and overdemand. Historically we see more listings come on the market from now through May so time will tell whether we see more listings come online in the first two quarters of 2022 than we did in 2021.
If that is the case, then we may see a flattening in the sales price curve. This is pure speculation at this point. March 2nd is the next scheduled Federal interest rate announcement and I expect they will be raising rates. Some economists anticipate if they continue with a couple of quick increases then it may lead to a reduction in demand and could lead to a reduction in sales prices in the long term.
Posted by Andrew Karpiak on
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